Customer-acceptance-policy

Customer Acceptance Policy (CAP)

1. Accept only those clients whose identity is established by conducting due diligence appropriate to the risk profile of the client.
2. Where the investor is a new investor, account must be opened only after ensuring that pre account opening KYC documentation and procedures are conducted.
   • documents as per standard norms to be collected
   • identity verification of the client to be made through support desk PBSPL will follow the industry standard in implementing the procedure for KYC.
3. Any transaction from a client may be accepted only after Customer acceptance procedure is completed. However, Customer acceptance procedure and Transaction acceptance procedure may be initiated simultaneously in case of low risk customers. If Customer acceptance procedure rejects a customer and customer does not respond to requests for additional information, the account opening will be rejected. A suitable condition may be incorporated in the account opening/transaction request form to this effect.
4. The Clients are introduced in the system through recognized partners or Mutual fund Partners or Relationship Managers or any known identity.

Know your client standards – identification of customer:

1. Identity generally means a set of attributes which together uniquely identify a natural or legal person. An individual’s identity comprises his/her name recent photograph, signature, date of birth, and the residential address at which he/she can be located. In case of non-individuals, identification is established with the help of registration number, copies of incorporation documents, location, address of head office / registered office and identity of authorized signatories.
2. Identification evidence should be verified for:
   • The named account holder(s)/the person in whose name an investment is registered;
   • Any principal beneficial owner of funds being invested who is not the account holder or named investor;
   • Power of Attorney Holders.
   • The failure or refusal by an applicant/customer falling under high-risk category to provide satisfactory identification evidence within 30 days of seeking information and/or without adequate explanation may lead to a suspicion that the investor is engaged in money laundering. In such circumstances, Principal officer may consider making a suspicious activity report.
3. A risk-based approach will be adopted towards certification of documents. For low risk clients, reliance will be placed on a self-certified copy of the documents required to prove identity and address. For high-risk clients, the copies of identification documents have to be attested by government gazetted officers or notarised by a public notary or by any other person who has opened an account with PBSPL after adhering to KYC norms stipulated under this policy. Where the beneficial owner is a well established entity like religious trust/endowment board registered as such with any government authority, educational trust having a standing of not less than 10 years and good reputation in the locality where it is situated, recognised government organisation, companies listed on recognized stock exchanges, SEBI registered intermediary, IRDA registered insurance company or insurance intermediary, pension fund registered under appropriate authority, SEBI recognised stock exchange, scheduled commercial bank, government departments, government agencies, statutory bodies, public sector undertakings and such other entities of irrefutable reputation the documentation for establishing identification include certified true copies of Memorandum and Articles of Association and Certificate of Incorporation. However, identification of the authorised signatory shall be on the lines of low risk individual customers.

Customer Identification Procedure

Pre-account Opening:

The submission of all documents required under this policy is a prerequisite for account opening for all customers. Incomplete application (including incomplete documentation) is to be rejected. PBSPL will follow the industry standard for implementing customer identification procedure. However, proof of identity and address proof will be verified based on documentation provided. In case there is a deviation from the above then the approval of any senior person or management shall be taken and the process shall be completed.